A stagnating local economy and a strong yen are leading Japanese companies to look outside their own borders for expansion, and sources say that has led Citigroup to add seven bankers in the country to tend mergers and acquisitions.

Vikram Pandit has resigned as CEO of Citigroup, effective immediately, and is also giving up his place on the company’s board. President and Chief Operating Officer John P. Havens has also stepped down.

Morgan Stanley and Citigroup have agreed on the valuation to be used in pricing Morgan Stanley’s purchase of the remaining stake in the Morgan Stanley Smith Barney joint venture: $13.5 billion for the full business, which includes close to 17,000 advisors.